Bobby Collins decided to start a dental practice. The first five transactions for the business follow. For each transaction, (1) determine which two accounts are affected, (2) set up T accounts for the affected accounts, and (3) enter the debit and credit amounts in the T accounts.

1. Collins invested $45,000 cash in the business.

2. Paid $15,000 in cash for equipment.

3. Performed services for cash amounting to $12,000.

4. Paid $4,200 in cash for advertising expense.

5. Paid $1,575 in cash for supplies.